Nigeria’s Minister of State for Finance, Dr. Doris Uzoka-Anite, CFA, has called on insurance industry leaders to embrace innovation, transparency, and inclusivity as the nation embarks on a new phase of regulatory transformation under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
She made this call while addressing delegates at the 2025 Insurance Directors’ Conference themed “Navigating the New Insurance Landscape: Strategies for NIIRA 2025 Compliance and Growth” held at the Marriott Hotel, Ikeja, Lagos, from November 5–6, 2025.
The high-level conference was attended by leading figures in the insurance and finance sectors, including Haj. Halima Kyari, Chairman of the Governing Board of NAICOM; Mr. Olusegun Ayo Omosehin, Commissioner for Insurance; Mrs. Yetunde Ilori, President of the Chartered Insurance Institute of Nigeria (CIIN); Mr. Kunle Ahmed, Chairman of the Nigeria Insurers Association (NIA); and other captains of industry.
“NIIRA 2025 Is More Than a Law — It’s a Blueprint for Transformation”
In her keynote address, Dr. Uzoka-Anite described NIIRA 2025 as a landmark reform that aligns the insurance sector with the Federal Government’s broader economic transformation agenda under President Bola Ahmed Tinubu, GCFR.
“NIIRA 2025 is not just a regulatory framework,” she stated. “It represents a fundamental shift toward building institutions that are ethical, innovative, and responsive to the evolving needs of Nigerians.”
She commended the National Insurance Commission (NAICOM) and the College of Insurance and Financial Management (CIFM) for their foresight and leadership in sustaining the Directors’ Conference, which has become a vital platform for shaping the future of the insurance industry.
Insurance as a Catalyst for Economic Stability
Dr. Uzoka-Anite underscored the central role of insurance in national economic growth and stability.
“No sustainable economic transformation can be achieved without a strong, credible, and innovative insurance sector,” she said. “Insurance cushions enterprise risks, protects families, supports investor confidence, and strengthens national resilience.”
She added that the government’s ongoing reforms across fiscal, monetary, and structural fronts are designed to attract investment, restore confidence, and enhance productivity — all of which require a dynamic insurance industry to thrive.
Directors Charged to Lead with Purpose and Vision
Addressing insurance directors directly, the Minister urged them to play an active role in driving the NIIRA 2025 implementation process.
“This is not the time for complacency but for courage and foresight,” she said.
She listed key strategic actions for directors to prioritize:
- Integrate NIIRA 2025 principles into corporate culture as shared values, not obligations.
- Strengthen governance, solvency, and ethics as foundations for trust and expansion.
- Accelerate digital transformation to boost competitiveness and customer satisfaction.
- Enhance enterprise risk management to mitigate emerging risks, including cyber and climate threats.
- Promote inclusion and product innovation targeting underserved groups such as farmers, artisans, and SMEs.
“We cannot talk about growth without inclusion,” she emphasized. “When insurance becomes accessible to all Nigerians — regardless of income, gender, or location — it truly becomes a social and economic equalizer.”
Driving Policy Synergy for Long-Term Growth
Dr. Uzoka-Anite reaffirmed the Ministry of Finance’s alignment with NAICOM’s reform agenda, noting that the government is pursuing coordinated strategies to strengthen capital markets and expand insurance participation in infrastructure and green finance.
She outlined ongoing efforts to:
- Review investment and solvency frameworks to safeguard policyholders;
- Promote inter-agency collaboration among NAICOM, SEC, CBN, CAC, FRSC, NDPC, and EFCC;
- Support InsurTech development through tax incentives and digital innovation hubs.
“Our collective goal is to make insurance a central pillar of Nigeria’s financial ecosystem — one that protects, empowers, and drives economic transformation,” she said.
Building Trust and Consumer Confidence
The Minister stressed that trust remains the cornerstone of the insurance business. Without it, she noted, even the most innovative reforms would fail to reach those who need them most.
She lauded NAICOM’s renewed focus on claims settlement enforcement, market conduct supervision, and consumer protection, describing these actions as essential to strengthening public confidence.
“Integrity and professionalism are non-negotiable,” Dr. Uzoka-Anite asserted. “Prompt claims payment and transparent operations are the building blocks of public trust.”
A Shared Mission for the Future
Concluding her address, Dr. Uzoka-Anite reaffirmed that NIIRA 2025 is a national mission aimed at rebuilding trust, redefining relevance, and repositioning the insurance sector as a key driver of inclusive growth.
“The success of NIIRA 2025 will be measured not just in policies enacted but in lives protected and futures secured,” she said. “With your leadership, Nigeria’s insurance industry will not only navigate this new landscape but shape it — for our people, our economy, and generations to come.”
She also commended Mr. Olusegun Ayo Omosehin, Haj. Halima Kyari, and the entire NAICOM team for their leadership, while urging continued collaboration among stakeholders to sustain the reform momentum.
At the 2025 Insurance Directors’ Conference in Lagos, Nigeria’s Minister of State for Finance, Dr. Doris Uzoka-Anite, urged insurance directors to lead with innovation, inclusion, and transparency under the NIIRA 2025 reform, positioning the industry as a driver of national economic resilience.
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